Petrol and diesel prices hit a new high on September 24 with increase of 22 paise and 15 paise per litre, respectively in Mumbai. After the revision, a litre of petrol cost Rs 79.79 and diesel Rs 70.37 in the financial capital, according to price information available from Indian Oil Corporation (IOCL).
This is the eighth straight daily increase and has taken the cumulative price hike since September 17 to Rs 2.08 per litre in case of petrol and Rs 1.59 for diesel.
In Delhi, the petrol prices increased by 22 paise to Rs 74.13 per litre from Rs 73.91 on September 23. The diesel prices hiked by 14 paise to Rs 67.07 per litre on September 24 from Rs 66.93 on the previous day, in the national capital, as per the state-owned oil firm.
In other metropolitan cities like Kolkata and Chennai, the price of petrol was hiked by 22 paise to Rs 76.82 per litre and 23 paise to Rs 77.06, respectively. The respective increase in diesel price in the two cities was 14 paise and 15 paise, to keep the revised price at Rs 69.49 per litre and Rs 70.91 per litre.
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Global oil prices shot up the most since the Gulf war in the immediate aftermath of the unprecedented drone missile strikes on key oil facilities in Saudi Arabia that disabled 5 percent of the global supply.
Meanwhile, CPI(M) general secretary Sitaram Yechury hit out at the government on September 24 over rising fuel prices, saying that despite the benefit of low oil prices internationally since 2014, taxes on petrol and diesel were raised.
"Tax on rich corporates reduced, while petrol and diesel prices are hiked continuously! Increasing the common Indian's misery is the only way this govt can raise revenues?" he said in a tweet.
"This govt has had the benefit of low international oil prices since 2014, yet taxes on petrol and diesel were unprecedented and raised. Relief to rich corporates now has cost govt Rs 1.45 lakh crore: it is making it up by taxing the common Indian," Yechury said in another tweet on the day.